* Industry diversification based on Moody's industry classification. Measured as the fair value of investments for each category against the total fair value of all investments. Totals may not sum due to rounding.
A balanced portfolio built on the cornerstones of diversification and selectivity
Anchored in senior secured loans, NCDL has built a scaled and diversified portfolio by industry, investment type and portfolio company. Selectivity, diversification and rigorous underwriting are key to our investment philosophy, enabling strong credit performance since inception.
$2.0B
Investment portfolio at fair value1
90%
First-lien term loans2
227
Portfolio companies
0.4%
Average position size
$75M
Weight average annual EBITDA3
Portfolio holdings
Top ten positions
Lead Left Arranger
Senior Secured Credit Facility
2022
Lead Left Arranger
Unitranche Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
First Lien Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2024
Co-Lead Arranger
Senior Secured Credit Facility
Equity
2020
Lead Left Arranger
Senior Secured Credit Facility
2024
Represents the top ten positions in NCDL based on Fair Value as of September 30, 2025
| Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
|---|---|---|---|---|
| KL Bronco Acquisition, Inc. (Elevation Labs) | 6,635,207 | Consumer Goods: Non-durable | First Lien Debt | S + 5.25% |
| KENG Acquisition, Inc. (Enagage PEO) | 1,063,230 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| Kenco PPC Buyer LLC | 21,562,049 | Transportation: Cargo | First Lien Debt | S + 4.50% |
| JKC Buyer, Inc. (J. Knipper and Company Inc) | 6,003,776 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Kenco PPC Buyer LLC | 3,565,037 | Transportation: Cargo | First Lien Debt (Delayed Draw) | S + 4.50% |
| Kenco PPC Buyer LLC | (18,500) | Transportation: Cargo | First Lien Debt (Delayed Draw) | S + 4.50% |
| KENG Acquisition, Inc. (Enagage PEO) | 9,147,989 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.50% |
| KENG Acquisition, Inc. (Enagage PEO) | 9,401,424 | Services: Business | First Lien Debt | S + 4.50% |
| INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) | 1,922,778 | Wholesale | First Lien Debt (Delayed Draw) | S + 5.50% |
| Infobase Acquisition, Inc. | 4,243,158 | High Tech Industries | First Lien Debt | S + 5.50% |
| HemaSource, Inc. | 5,235,146 | Healthcare & Pharmaceuticals | Subordinated Debt | 13.50% |
| Heartland Veterinary Partners LLC | 2,136,800 | Healthcare & Pharmaceuticals | Subordinated Debt | 7.50% (Cash) 7.00% (PIK) |
| Heartland Veterinary Partners LLC | 10,683,999 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 7.50% (Cash) 7.00% (PIK) |
| High Bar Brands Operating, LLC | 2,013,030 | Automotive | Subordinated Debt | 9.00% (Cash) 4.00% (PIK) |
| HMN Acquirer Corp. | (21,588) | Healthcare & Pharmaceuticals | First Lien Debt (Delayed Draw) | S + 4.50% |
| HMN Acquirer Corp. | 6,473,505 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.50% |
| Geds Equity Investors, LP (Esquire Deposition Services) | 270,737 | Services: Business | Class A Limited Partnership Units | |
| Heartland Veterinary Partners LLC | 3,878,611 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 7.50% (Cash) 7.00% (PIK) |
| Heartland Paving Partners, LLC | 8,239,136 | Construction & Building | First Lien Debt | S + 5.00% |
| Heartland Home Services, Inc. (Helios Buyer, Inc.) | 5,390,240 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 6.00% |
| Heartland Home Services, Inc. (Helios Buyer, Inc.) | 6,215,381 | Capital Equipment | First Lien Debt | S + 6.00% |
| Heartland Home Services, Inc. (Helios Buyer, Inc.) | 2,471,582 | Capital Equipment | First Lien Debt (Delayed Draw) | S + 6.00% |
| Heartland Paving Partners, LLC | 4,916,709 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| FS NU Investors, LP (NearU) | 137,939 | Services: Consumer | Class A | |
| Heartland Paving Partners, LLC | 5,528,912 | Construction & Building | First Lien Debt (Delayed Draw) | S + 5.00% |
| Hyperion Materials & Technologies, Inc. | 2,489,964 | Capital Equipment | First Lien Debt | S + 4.50% |
| ICE USA Infrastructure, Inc. | 6,291,447 | Construction & Building | First Lien Debt | S + 5.75% |
| Impact Parent Corporation (Impact Environmental Group) | 3,088,818 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.25% |
| HBB Parent, LLC (High Bar Brands) | 323,604 | Automotive | Class A Units | |
| Impact Parent Corporation (Impact Environmental Group) | 6,695,256 | Environmental Industries | First Lien Debt (Delayed Draw) | S + 5.25% |
1. The majority of the investments bear interest at rates that may be determined by reference to Secured Overnight Financing Rate ("SOFR" or "S"), which reset monthly or quarterly. For each such investment, the Company has provided the spread over SOFR and the current contractual interest rate in effect at December 31, 2025. As of December 31, 2025, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 3.69%, 3.65%, 3.57%, and 3.42% respectively. Certain investments are subject to a SOFR floor or may utilize an alternative reference rate such as U.S. Prime Rate (“P”). For fixed rate loans, a spread above a reference rate is not applicable.